Barclays shuts tax advisory business

Barclays would close a profitable but controversial tax advisory business, the British bank said yesterday, as part of an attempt by its new chief executive to clean up its image.

Antony Jenkins is expected to say tomorrow that the bank is closing the structured capital markets business, according to the bank.

He had indicated it would go or be scaled back as he ends activities that could cause reputational damage.

“The old ways weren't the right way to behave nor did they deliver the right results; for banks themselves or for wider society… Banks that fail to change will become failing banks,” Jenkins wrote in the draft of a speech due to be delivered tomorrow. - Reuters